Synopsys Up 5%: FYQ1 Beats, Q2, Year Views Beat

By Tiernan Ray

Shares of chip design software maker Synopsys (SNPS) are up $1.71, or 5%, at $36.50in late trading after the company this afternoon reportedfiscal Q1 revenue and earnings per share that topped consensus, and projected Q2 and full year results higher as well.

Revenue in the three months ended in January rose nearly 12%, year over year, to $475 million, yielding EPS of 67 cents.

Analysts had been modeling $473 million and 55 cents.

CEO Aart de Geus remarked that “business, technology progress, and customer engagements were strong across the board” during the quarter.

For the current quarter, the company sees revenue in a range of $490 million to $500 million, and EPS in a range of 63 cents to 65 cents. That is higher than consensus of $486 million and 56 cents.

For the full year, the company sees revenue of $1.96 billion to $1.98 billion, and EPS of $2.35 to $2.40 per share, ahead of the average estimate for $1.96 billion and $2.29 per share.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.